The PEPE meme coin has struggled in recent months and has failed to capitalize on the current bull run. However, the token seems to be experiencing some sort of recovery lately, and its value has seen a significant increase over the past week.
While PEPE has obviously caught the attention of some investors, it also appears to be a cryptocurrency of interest among experts. For example, a popular crypto expert on Platform X has sounded a buy alarm for the meme coin.
Will the price of PEPE reach $0.0000017?
In a recent post on X, prominent crypto analyst Ali Martínez presented a bullish forecast for the price of PEPE. According to the analyst, the cryptocurrency’s current setup suggests that it is primed for a bull run to the upside.
This bullish forecast revolves around the formation of an inverse head and shoulders chart pattern in the three-day period. Typically, the head and shoulders price pattern represents a bullish to bearish trend reversal and suggests that an uptrend is coming to an end.
A chart showing the PEPE'S head and shoulders pattern on the 3-day timeframe | Source: Ali_charts/X
On the other hand, an inverse head and shoulders pattern is a bullish chart formation that indicates a possible reversal of a bearish trend. According to Martínez, the PEPE price is currently forming a right shoulder of the inverse head and shoulders pattern, which means that bullish price movement is on the horizon.
Additionally, the crypto analyst mentioned that the TD (Tom Demark) sequential indicator spiked, sounding a buy alarm for the PEPE meme coin. With this positive signal and the formation of the bullish chart, Ali Martínez anticipates an upward trajectory for the cryptocurrency in the long term.
It would be logical to wait for a breakout and a sustained close above the neckline before confirming the bullish thesis. In this case, investors could see the PEPE price reach $0.0000017, representing a potential 65% increase from the current price.
At the time of writing, the price of PEPE stands at approximately $0.000001015, reflecting a drop of almost 1% in the last 24 hours. However, the meme coin has managed to retain most of its gains in the weekly period.
According to data from CoinGecko, the PEPE token has seen a 10% increase in the last seven days. However, from a broader perspective, the cryptocurrency has struggled to reach the heights it once occupied.
Since the beginning of the year, the value of PEPE has plummeted more than 22%. However, the meme coin has a market capitalization of approximately $428 million.
PEPE price at $0.000001016 on the daily timeframe | Source: PEPEUSDT chart on TradingView
Featured image from Adobe Stock, TradingView chart
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